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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (36,375) $ (86,450)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization   171
Non-cash lease expense 145 233
Non-cash gain on lease termination and remeasurement (7,364)  
Accretion of short-term investment discounts (1,127) (1,253)
Stock-based compensation expense 10,942 20,317
Changes in operating assets and liabilities:    
Interest receivable 110 51
Prepaid expenses and other current assets and prepaid expenses to related party 3,256 2,856
Other assets 122 (72)
Income tax payable   (1)
Accounts payable, accrued expenses, other liabilities and amount due to related party (25,408) 4,908
Net cash used in operating activities (55,699) (59,240)
Cash flows from investing activities    
Purchase of short-term investments   (14,196)
Maturities of short-term investments 70,000 93,814
Net cash provided by (used in) investing activities 70,000 79,618
Cash flows from financing activities    
Proceeds from issuance of common stock in public offering, net of underwriting discounts, commissions and offering costs   70,169
Proceeds from issuance of stock under the 2020 Employee Stock Purchase Plan 21 315
Net cash provided by financing activities 21 70,484
Net increase in cash, cash equivalents, and restricted cash 14,322 90,862
Cash, cash equivalents, and restricted cash at beginning of period 90,973 106,944
Cash, cash equivalents, and restricted cash at end of period 105,295 197,806
Non-cash investing and financing activities    
Unrealized (loss) gain on available-for-sale securities (77) 243
Deferred offering costs included in accounts payable and accrued expenses   331
Reduction of right-of-use asset due to modification and remeasurement 1,549  
Supplemental disclosure of cash flows    
Income taxes paid, net of refunds   350
Cash and cash equivalents 104,741 196,954
Restricted cash 554 852
Total cash, cash equivalents, and restricted cash $ 105,295 $ 197,806